Gruppo Mossi and Ghisolfi (M&G), through its wholly-owned subsidiary Chemtex, has formed a joint venture (JV) company, Beta renewables, with TPG Capital and TPG Biotech to produce second generation bioethanol in Tortona, Italy.
TPG and M&G are investing total capital of €250m into the joint venture, in which M&G will hold a majority stake.
The JV will exclusively license Chemtex's Proesa technology to produce fermentable sugars from cellulosic biomass, cost-effective sugars which can then be converted into bio-ethanol.
Beta renewables will continue to work with the Chemtex R&D Department, which is currently working on several Proesa projects.
Chemtex president and CEO Guido Ghisolfi said TPG's investment also facilitates the company's continued research and development into the growing green chemistry field.
